XRP Price Set to Break Free from 7-Year Accumulation, Analyst Predicts 1,200% Surge
The XRP price has been range-bound for the past 7 years, causing concern among investors. However, an optimistic crypto analyst believes that XRP is on the verge of breaking out of this long-standing accumulation phase.
In a recent analysis shared on TradingView, analyst Babenski reignited hope for XRP investors by predicting an imminent breakout from the accumulation zone. Babenski notes that the altcoin is currently attempting to break free from this pattern and could finally succeed this time.
The 7-year accumulation phase began in 2017 after a notable bull run. It was anticipated that this consolidation would be broken in the next bull market, which started in 2021. However, the lawsuit filed by the United States Securities and Exchange Commission against Ripple in 2020 adversely impacted XRP’s price, leading to a crash while other cryptocurrencies rallied.
Despite securing a partial victory against the regulator in 2023, XRP has been unable to surpass the $1 mark and has remained within the accumulation range. This extended consolidation phase has now extended into 2024, but with a bullish market expected this year, XRP may finally have its moment to shine.
Babenski’s chart illustrates the potential outcome if XRP breaks free from the accumulation phase. The analyst envisions a significant price rally of over 1,200%, pushing XRP to reach $6. Such a surge would mark a new all-time high for the cryptocurrency.
Interestingly, Babenski isn’t the only analyst predicting a breakout for XRP this year. Another crypto analyst, U-Copy, also shared a similar analysis on X and highlighted the nearing end of XRP’s triangle formation that began in 2027. U-Copy pointed out that the final gap was filled at the $0.46 level, and with the price currently trading above $0.5, a breakout could be imminent.
While U-Copy did not provide a specific price target, they believe that something significant is likely to occur by December 2024, stating, “Don’t know target price but Shit could blow up big in this Bull Cycle up to December.”
Overall, there seems to be growing optimism surrounding XRP’s potential breakout from its 7-year accumulation phase in 2024, with both Babenski and U-Copy highlighting the possibility of significant price movements in the near future.